W4 Property Market Update – December 2022

What’s the latest news from the Chiswick property market? Estate agent Horton and Garton share local market insight. (Ad)

The current market climate

We’ve all endured somewhat of a political rollercoaster in recent months, and thankfully it does now seem this is coming to an end. With greater surety and a level of stability, confidence is returning. The Chiswick market did experience a brief period where some buyers paused their plans earlier in the month, but as greater stability is seen in political decision making, combined with more favourable mortgage rates and other factors that impact decision making, we’re seeing a return of activity. In the last 7 days alone, we’ve received far more calls and are having more positive conversations with those planning to move in the coming months.

Who’s moving house now?

According to a survey earlier this year by Property Academy, 1 in 3 house moves are needs based, triggered by job relocation, separation, a growing family, ill health or passing. Whilst changes in the market will create a certain level of hesitation, for many moving home is a necessity. We’re also still seeing fairly high levels of downsizers active in the market, seeking smaller and more manageable homes. Often moving from a far larger property but staying in W4.

Whilst there does continue to be negativity in the headlines, ultimately those who need to move are doing so, sellers must just be realistic in their pricing. The post-pandemic boom has drawn to a close and we are now experiencing a more normalised and stable market.

Off-market, on-market, pre-market? What’s the best strategy for selling?

Depending on a seller’s motivations in the current market climate, an estate agent should focus on the best strategy for that unique scenario. December is historically a quiet time for property transactions, not only do properties not tend to photograph quite so well when they’re full of Christmas decorations, but the weather can be gloomy too. Furthermore, it’s often a time when we’re all focussing on friends and family, socialising or taking time to relax – meaning it’s not a very appealing time to have multiple viewings taking place.

This said, whilst the run up to the 25th December tends to see activity in the market slow, the 26th December is consistently the day on which the likes of Rightmove and Zoopla record their highest visitor numbers – meaning if you’re thinking of selling in the new year, it might be worth capturing some of these buyers so that you can invite them to view in the New Year when you’re ready. To build interest, listing simply a shot of the exterior of your home and a outline of the property details as a description, with it noted ‘Full details coming soon – Register your interest now.’

In other cases, it might be best to have the property only available away from the property portals, off market. It might be that pricing is key for a certain property sale and that softly launching is a good strategy for testing the market and buyer appetite.

We recently explored why the ‘Secret Sales Market’ remains busy and the reasons sellers are opting to sell off-market at this time. Read our blog titled London Property: The Secret Sales Market to learn more.

To speak with Horton and Garton regarding your plans to buy, sell, let or rent a property in Chiswick please do get in touch.

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December 2, 2022